Fintech Lab

The Virtusa Fintech Lab is set up to help the incumbent banks to accelerate their innovation process and stand strong against the disruptive wave. The Fintech Lab provides an environment in cloud with built-in sandboxes and a banking data model to run quick experiments and turn ideas into MVPs (Minimum Viable Product). Fintech lab’s aim is to bring down the time and cost of developing new ideas by providing an environment for rapid prototype development. With key partnerships with emerging fintechs, we help you to identify the right fintechs to quickly bootstrap your capabilities & offerings.

Innovation as a service:

We bring in 25+ years of banking domain expertise and the experience of building an innovation lab from scratch to help our clients design their innovation environment. We replicate the innovation environment rather than just building the required infrastructure. Apart from building the lab for you, we also provide a core team to curators, architects, engineers & analysts to kick start innovation and help you to adapt to the environment. We see that the banking industry is disrupted by the emerging fintechs that are using technology effectively to provide customer centric services, better than the incumbent banks. Banks in-order to transform themselves are preparing to accelerate their innovation cycle and adapt to the disruptions in the market. We see that the innovation can be engineered when provided with the right environment and people. Hence we provide our experience in creating an innovative environment to our clients.

Business Solution Templates:

Business solution templates help you to jumpstart building new age apps in response to the emerging Fintechs in the market. The current portfolio includes the following:

RoboAdvisor: The digital advisory solution to complement the existing wealth management platforms to make them truly digital. Fintech lab roboadvisor is powered by a “Micro-segmentation engine” and a “Recommendation engine” that suggests the user with next best action.

Algo-Lending: The traditional methods of risk and credit scoring depend on regression models that fail when the users do not provide the required data or do not have credit history. Due to such constrains, banks lose out on few segments to fintechs that have come up with new ways to rate the customers. Our Algo-lending platform is based upon a AI driven adaptive learning algorithm that takes in more variables than the traditional ones to incorporate behavioral, social and transactional data.

Smart Asset Finance: Monitoring of asset for which the loan is given is the key challenge for banks in case of asset financing. Our smart asset finance solution creates a smart contract between the parties involved and takes in input from the IoT device attached to the asset. This significantly reduces the cost of monitoring the asset and all the changes to the contract are updated to all the stakeholders immediately.

Interest Rate Swaps Marketplace: Smart contracts based solution that runs on Blockchain for over the counter derivative trading and execution. The marketplace reduces the time for transactions drastically and is efficient than the traditional methods.

Machine Learning powered AML platform: Obsolete systems, algorithms and human experts can no more scale for large operations of the Bank (including all its associated entities) to win over ever changing tricks deployed by fraudsters. It results into non-compliance in spite of huge operations and IT expenses. This calls for revamping Banks arsenal and a novel approach to overcome the challenge with Smart Machine Learning and Cognitive techniques.

Smart Financial Services: The banking industry is changing not just because of the disruptions in the industry but the changing consumer who demands customer-centric, user friendly services. Smart Financial Services is our point of view of the future of banking services that is a representation of the next generation of banking solutions targeted towards Millennials.

Smart Utilities:

Fintech Lab Smart Utilities will turbo charge your existing apps or platforms and make them next generation ready. The utilities are top-ups for existing services for enhanced user experience and interaction.

Alexa based apps for visually impaired: A Natural Language Processing based solution to convert voice commands into execution, designed particularly to increase the accessibility of apps and services to visually-challenged.

Digital Identity & Entitlements: We have used Homomorphic encryption in Blockchain technology to make the technology more relevant to the Banking and Financial Services Industry.

Conversational Bots: Artificial Intelligance powered bots to bring intuition to banking. Our trained bots understand the financial vocabulary and can be added on top of your services.

Next Best Action Engine: The next best action engine brings the best of predictive analytics to enhance the customer’s journey and recommends the next steps before hand. This is powered by a micro-segmentation engine that makes the recommendations more relevant to the user.

Graph based smart MDM: To solve the long standing problem of data duplication, we use the strength of relationships using a graph data base and machine learning that helps you to manage your master data more efficiently.

Sandboxes:

Fintech lab has pre-built sandboxes that can drastically reduce your bootstrap times by more than 50%.

Fintech Sandbox: The Fintech Sandbox lets you connect to selected list of Fintechs in a secure way.

API Sandbox: The API sandbox lets you to quickly develop or convert your current services into micro-services and expose them as Public or Private APIs

Blockchain Sandbox: The Blockchain sandbox will let you quickly conduct different experiments on different flavors of Blockchain.

Payment Sandbox: Payment sandbox has inbuilt data with 40 million transactions of customers and it can be used to build and test apps delivering Fiat & Cryptocurrency apps.